Entrepreneurship - What is It ?
http://scalar.usc.edu/works/new-daily-article/the-secret-to-help-succeed-in-start-up Entrepreneurship is the process of designing, launching and running a new company, which is often initially a small business. The people who make these businesses are called entrepreneurs. Entrepreneurship has been described as the "capability and willingness to develop, arrange and manage a company enterprise along with some of its risks in order to make a profit". While definitions of entrepreneurship typically revolve around the launching and running of companies, due to the high risks involved in establishing a start-up, a significant percentage of startup businesses have to close because of "lack of financing, poor business decisions, an economic crisis, lack of market demand--or a mixture of all of these. Entrepreneurship is the act of becoming an entrepreneur, or even "an owner or manager of a business enterprise who makes money through danger and initiative". Entrepreneurs act as supervisors and manage the launch and growth of a venture. Entrepreneurship is the process by which an individual or a team identifies a business opportunity and acquires and deploys the essential resources needed for its manipulation. Early 19th century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater return". Entrepreneurs create something new, something different--they change or transmute values. Regardless of the business size, large or small, they could partake in entrepreneurship opportunities. Four criteria are required by the chance. First, there needs to be opportunities or situations to recombine resources to create profit. Secondly, entrepreneurship requires differences between people, such as accessibility to specific individuals or the capability to comprehend information regarding opportunities. Third, taking on risk is quite necessary. Fourth, the entrepreneurial process requires the organization of people and resources. The entrepreneur is a element in microeconomics and also the analysis of entrepreneurship reaches to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was mostly ignored theoretically before the late 19th and early 20th centuries and empirically until a deep resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes considerably to the work of economist Joseph
Schumpeter in the 1930s along with other Austrian economists like Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is someone who's willing and able to convert a brand new idea or invention into a successful invention. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or part poor innovations across markets and industries, simultaneously producing new products including new business models. In this way, creative destruction is mostly responsible for its dynamism of businesses and long-run financial development. The supposition that entrepreneurship leads to economic development is an interpretation of this remaining in endogenous growth theory and as this is hotly debated in academic economics. An alternate description posited by Israel Kirzner implies that nearly all innovations may be more incremental improvements such as the replacement of paper using plastic in the creating of drinking straws. http://scalar.usc.edu/works/new-daily-article/the-secret-to-help-succeed-in-start-up